Sack after failed stockbroker mutiny

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Employee unrest and an unsuccessful coup at stockbroker Burdett Buckeridge Young has led to the departure of at least one senior staff member and the appointment of a former leading investment banker to advise on the company's capital restructure.

The attempt by the head of BBY's institutional dealing desk, Ian McKenzie, supported by roughly 10 other senior managers to oust chief executive Bruce McComish has been played down by the company.

However, a source close to one of the mutineers said Mr McComish had been approached by senior staff to discuss the possibility of handing down some of the privately owned company equity to other staff members.

Mr McComish has roughly 60 per cent of the staff holding which totals 70 per cent. A US bank owns the other 30 per cent.

Mr McComish is believed to have asked the group to come up with a proposal, but on Monday when that proposal was put forward, Mr McComish is believed to have said the terms were unacceptable and that Mr McKenzie's position was no longer tenable. "At no stage did McCormish indicate what he was or wasn't prepared to do," one insider said.

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Yesterday, while Mr McComish was prepared to confirm the sudden departure of Mr McKenzie he refused to be drawn on the reasons for his departure except to say he had made a good contribution and that he "wished him well".